{kanada_flagge}In preparation for the Preliminary Economic Assessment (“PEA”) expected in Q2 for its Crownpoint-Churchrock insitu recovery project (ISR) in New Mexico, USA, Laramide Resources Ltd. (TSX:LAM;ASX:LAM;OTCQX:LMRXF;FRA:L4R) has confirmed through 1,838 meters of drilling that historically measured drill results are appropriate for resource estimation and consistent with previous studies. The results indicate that the risk of chemical uranium depletion is low compared to radiometric uranium in the Churchrock mineralization.
In preparation for the Preliminary Economic Assessment (“PEA”) expected in Q2 for its Crownpoint-Churchrock insitu recovery project (ISR) in New Mexico, USA, Laramide Resources Ltd. (TSX:LAM;ASX:LAM;OTCQX:LMRXF;FRA:L4R) has confirmed through 1,838 meters of drilling that historically measured drill results are appropriate for resource estimation and consistent with previous studies. The results indicate that the risk of chemical uranium depletion is low compared to radiometric uranium in the Churchrock mineralization.
The Churchrock properties within the Crownpoint Project cover 4,053 acres within the historic Grants Mining District in McKinley County, New Mexico. In 2017, SLR, formerly known as Roscoe Postle Associates Inc (“RPA”), prepared a technical report on the Churchrock properties using drill hole data available through September 2017. Data from previous operators was consolidated and digitized, resulting in a database of 1,667 wells totaling 1,841,545 feet of drilling. Using a cutoff grade of 0.5 ft-% eU3O8, the inferred mineral resource totals 33.9 million short tons (Mst) at an average grade of 0.08% eU3O8 and a contained metal grade of 50.8 million pounds (Mlb) U3O8.
The newly recovered drill core will be used, among other things, for testing required for the issuance of the New Mexico Aquifer Discharge Permit, the final substantive permit required for the project.
Figure 1: Location of the Crownpoint-Churchrock uranium project.
Crownpoint consists of two separate ISR-eligible deposits, Crownpoint and Churchrock, covered by a single NRC license (SUA-1580). The PEA calls for uranium to be mined only at the Churchrock site using in situ recovery (ISR) and processed at a proposed new processing plant at the nearby Crownpoint site, where significant project infrastructure already exists.
Results from recent drilling confirmed the location and tenor of uranium roll fronts at Churchrock. Chemical assays show an average thickness of 18.3 feet at 0.061% U3O8, compared to a gamma-equivalent average thickness of 21.7 feet at 0.045% eU3O8. A comparison of the historic twin wells with the 2022 completed wells at the same grade (Table 2) showed an average thickness of 15.8 feet at 0.039% eU3O8 compared to an average thickness of 20.5 feet at 0.046% U3O8 from the nearby historic wells. Both comparisons confirm that the historical drill results are appropriate for declaring mineral resources.
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